I Think there may be a plan to double up on the passcode and tie it to your screen lock passcode and fingerprint. The supposed or rumored reason is that technically your iCloud password is on Apple's servers, and like any password on someone else's hardware, someone with sufficient admin or root level can reset that. Apple's interest is in allowing people to keep their information private, so the rumored plan is to link the backup file to your fingerprint as well, so that the backup file itself would require two decryption keys - your iCloud account authentication and your device authentication, which you and only you have control of. That way, only you could actually decrypt your backup file, and Apple would be unable to do so if pressured to try.
The downside is these forums already see dozens of posts each day where people forget their screen lock passcode, their iCloud account passcode or both. And the rumored changes would place even more emphasis on people actually having to remember both. Still, anything that gives me even greater control over possible access to my personal information is great by me.
Be that as it may in the future, your iCloud data is some of the most secure consumer level cloud storage on the planet already as not just the backup files, but all files in your iCloud account (including your iCloud email) is encrypted.